Overview
In order to test an economic model, the model must be compared against actual data. Typically economic data is collected and compiled by government agencies and are generally free to the public.
Data Sections
- National Production : denotes the amount of goods and services produced.
- Income is the flip side of production.
- Employment represents the
- Inflation : refers to the a trend of prices in an economy to rise, or in the case of deflation, to fall. Because of the potentially harmful impacts of inflation on the economy and its mandate to control inflation, the Federal Reserve keeps close tabs on inflation in the economy, publishing several different measures of inflation.
Time Series Analysis
Time Series Analysis is generally used to analyze macroeconomic data. Many of the data sets come pre-differenced. To recover the initial level information may require integration